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2018 (11) TMI 789 - AT - Income TaxReopening of assessment - assessee has received accommodation entry from Sh. Gupta - Held that:- There is no mention of any cheque number and amount shows is ₹ 10 lacs. As per bank statement which is at page 36 of the paper book on 09.09.2004 there is a cheque entry of ₹ 1 lacs cheque number is 00884535/-. It can be seen that the Assessing Officer has proceeded on wrong assumption fact. The amount of ₹ 10 lacs is not supported by any cheque number whereas the allegation is that the assessee has received accommodation entry from Sh. Gupta through cheque. In considered opinion the basis of reopening itself is based on wrong facts therefore, the same cannot be upheld. Accordingly set aside the notice u/s 148 of the Act the reassessment based on such notice deserves to be quashed. Since the assessment itself has been quashed the other ad-hoc disallowance stand deleted. - Decided in favour of assessee.
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